Medium Voltage is Expected to Dominate the Global Residential Building Wire and Cable Market
Increasing
investments in the Transmission & Distribution (T&D) sector for
effectively transmitting power to different electrical equipment at various
stages of the network is a major factor attributable to the growth of the
market.
According to TechSci
Research report, “Global Residential Building Wire and Cable Market - By
Country, Competition, Forecast & Opportunities, 2028”. The Global Residential Building Wire and Cable is
anticipated to project robust growth in the forecast period with a CAGR of 6.25% through 2028. The said factors have
impacted the power and energy demand in commercial, industrial, and residential
sectors. Increased investments in smart upgrading the power transmission and
distribution systems and development of smart grids are anticipated to drive
the market's growth. Implementation of smart grid technology has met the increasing
need for grid interconnections, thus resulting in rising investments in the new
underground and submarine cables. The smart grid is an electrical grid that
includes controls, automation, computers, and innovative equipment &
technologies that function together and offer efficient electricity
transmission. The functioning of the entire globe depends on the timely
delivery of electric supply. Further, the increasing population leads to a rise
in demand for power. Technological advancement in grids is necessary to reduce
the frequency and duration of storm impacts, power outages, and restore service
quickly after outages. Smart grid helps generate efficient renewable power,
reliable power, reducing carbon print, using a mix of energy sources, working with
smart devices and smart homes, and encouraging the use of electric vehicles.
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The low voltage
segment accounted for the largest revenue share in 2022, with over 43% market
share. Owing to the high usage of low voltage cables in the building wires, LAN
cables, appliance wires, distribution networks, and others. These wires and
cables support the smart grids in delivering superior electric supplies and
offer an improved provision of electric supply for end-use consumers. The
energy and power sector across the world are experiencing a rapid alteration.
Most of the developing and developed countries are experiencing a heavy demand
for electricity and are moving towards incorporation of large-scale renewable
resources.
The high voltage wires
and cables are used for transmission of electricity from 1,000 volts. These
cables are coated with paper & oil, to avoid direct contact of the cables
with an individual or any other material. The quality of high voltage cables
depends upon the insulation material type used. High demand of these cables
from the end users such as power distribution oil & gas, telecom, aerospace
and defense is the major factor responsible for the growth of the high voltage
cable market over the forecast period.
Key
market players in the Global Residential Building Wire and Cable Market are
following:-
- Sourhwire
- Cerrowire
- Encore Wire
- Copperweld
- Belden
- Prysmian Group
- Nexans
- Sumitomo Electric
- LS Cable & System
- Rowe Industries
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” Asia Pacific
accounted for the largest revenue share of the wires and cables industry in
2022, with a 37.4% market share. The demand for wires and cables is observed to
be stable in North America, however, Europe is expected to grow over the
forecast period owing to the initiatives such as Digital Agendas for Europe
2025. In addition, North America region have seen a vast increase in the data
consumption which have resulted in investments by the prominent
telecommunication companies such as AT&T and Verizon in fibre networks. For
instance, in April 2020, Belden Inc. developed new fiber solutions that allow
data centers to create a reliable, robust, and high-performance infrastructure.
These solutions include DCX Optical Distribution Frame, FiberExpress Flexible
Ribbon Cable, 1.6 mm Multi-Fiber Trunks, and Fiber MPO Trunks. Thus, these
significant investments in the IT & Telecommunications sector are expected to
drive the overall market.
The market in Asia
Pacific is anticipated to expand at the highest CAGR of 4.6% in the forecast
period. The growing demand for light, power, and communication is anticipated
to fuel the market over the forecast period. The government initiatives such as
“Make in India”, and “Go Green” policy is expected to drive the market in
India. According to Indian Electrical Equipment Industry Mission Plan
2012-2022, the government of India has planned to make the country one of the electrical
equipment producers and obtain productivity of USD 100 billion by matching the
exports and imports, hence, driving the demand for cables over the period
2012-2022.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management
consulting firm.
Residential Building Wire and Cable Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Voltage Rating (Low Voltage,
Medium Voltage, High Voltage, Extra-High Voltage), By Cable Type (Commercial
Wire & Cable and Power Cable), By Material (Metallic and Non Metallic), By
Region, Competition 2018-2028 has evaluated the future growth potential
of Global Residential Building Wire and Cable Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Residential Building Wire and Cable Market.
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